The production of hydrogen through electrochemical water splitting driven by clean energy becomes a sustainable route for utilization of hydrogen energy, while an efficient hydrogen evolution reaction (HER) electrocatalyst is required to achieve a high energy conversion efficiency. Nickel phosphides have been widely explored for electrocatalytic HER due to their unique electronic properties, efficient electrocatalytic performance, and a superior anti-corrosion feature. However, the HER activities of nickel phosphide electrocatalysts are still low for practical applications in electrolyzers, and further studies are necessary. Therefore, at the current stage, a specific comprehensive review is necessary to focus on the progresses of the nickel phosphide electrocatalysts. This review focuses on the developments of preparation approaches of nickel phosphides for HER, including a mechanism of HER, properties of nickel phosphides, and preparation and electrocatalytic HER performances of nickel phosphides. The progresses of the preparation and HER activities of the nickel phosphide electrocatalysts are mainly discussed by classification of the preparation method. The comparative surveys of their HER activities are made in terms of experimental metrics of overpotential at a certain current density and Tafel slope together with the preparation method. The remaining challenges and perspectives of the future development of nickel phosphide electrocatalysts for HER are also proposed.